Crude Oil Tops $100
Crude oil climbed above $100 a barrel on Tuesday, reaching its highest level in more than four weeks as renewed Houthi attacks and reports of vessel strikes in the Gulf heightened concerns over Middle East supply security. Yemen’s Iran-aligned Houthi movement claimed responsibility for attacks targeting Saudi energy, airport and military facilities, including an Aramco site in Yanbu and the Shaybah oilfield. Market concerns have intensified after shipping tracker Kpler reported that at least 18 vessels had been attacked over the previous two weeks, reinforcing the geopolitical risk premium embedded in oil prices. The latest escalation also follows a deadly Houthi attack on a security forces training camp in Yemen. Analysts warned that prices could remain elevated while regional supply routes face threats, although the risk premium may gradually diminish if shipments continue uninterrupted. Meanwhile, US crude and refined-product inventories were expected to have declined last week.
Crude oil climbed above $100 a barrel on Tuesday, reaching its highest level in more than four weeks as renewed Houthi attacks and reports of vessel strikes in the Gulf heightened concerns over Middle East supply security. Yemen’s Iran-aligned Houthi movement claimed responsibility for attacks targeting Saudi energy, airport and military facilities, including an Aramco site in Yanbu and the Shaybah oilfield. Market concerns have intensified after shipping tracker Kpler reported that at least 18 vessels had been attacked over the previous two weeks, reinforcing the geopolitical risk premium embedded in oil prices.
The latest escalation also follows a deadly Houthi attack on a security forces training camp in Yemen. Analysts warned that prices could remain elevated while regional supply routes face threats, although the risk premium may gradually diminish if shipments continue uninterrupted. Meanwhile, US crude and refined-product inventories were expected to have declined last week.